Estimated read time: Less than a minute
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
STOCKHOLM (AP) — Electrolux says Chief Executive Keith McLoughlin is stepping down and will be replaced by Jonas Samuelson, who currently heads the home appliance maker's Europe, Middle East and Africa business area.
The move comes a month after the Swedish company's bid to take over the appliance division of General Electric failed. The U.S. Justice Department opposed the $3.3 billion acquisition, saying it would harm competition.
In a statement Monday, McLoughlin said that with a successor lined up, "it is now time for me to pass the baton and return to my family in the U.S."
Samuelson will take over as CEO on Feb. 1.
Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
